Charity registration number 1107710 Company registration number 05177105 (England and Wales) THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ITCHELL ASSOCIA TES CHAR TERED ACCOUNTANT5 THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY CONTENTS PagÈ Trustees report Statement of trustees responsibilities Trustees declaration Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 10-18 THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr David Davies Mr Howell Davies Mr K. Brian Davies Mr Robert Davies Mr Charles De Winton Mr Francis Gittoes Mr Andrew Matthews Mrs Penelope Morgan Mrs Julia Phillips Mr Gareth Price Mrs Elizabeth Roderick Mr Richard Roderick Mr William Stephens Mr Clive Thomas Charity number 1107710 Company number 05177105 Principal address C/0 Hay & Brecon Farmers Ffrwdgrech Industrial Estate Brecon Powys LD3 8LA Registered office St Davids I louse 48 Free Street Brecon Powys UK LD3 7BN Independent examiner Mitchell Associates Ltd St Davids House 48 Free Street Brecon Powys UK LD3 7BN Bankers Lloyds Bank PIC THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present their annual report and financial statements for the yp.xr p.nded 30 September 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with th?. c.harity's Igoveming documentl. the Companies Act 2006 and "Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financidl RepvrLiiig Staiidard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objective5 and activities Objects and aim5 The Company's objectives and principal activities are to encourage agriculture and to promote the general good of the 53me, particuldrly in ilie shire of BrecknocL insofar as such objects are for the public benefit. Breconshire Agricultural Society has played a leading role in the promotion and development of agriculture and rural economy in the county of Breconshire and Wales for over 250 years since its fomiation ir) 1755. Our main objectives are to'.- To hold an annual show to promote agriculture, horticulture, forestry and conservation in the County. To encourage the exhibition of the best livestock horses, poultry, farm and horticultural in the locality. To bring the "countryside to town" to give the wider public an opportunity to integrate with the rural community to gain a better understanding of the countryside, how their food is produced and promote excellence in the production of locally produced stock and produce from the welsh countryside. To bring the rural community together to discuss issues and share best practice. To run a County wide awards competition for exhibitors of Cattle, sheep and young handlers. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Public benefit The trustees confimi that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. USE of volunteer5 The Company has a Secretary/Administrator, and the help of some 300 volunteers covering various duties. The success of the show is therefore dependant on the immense effort, by people giving up their time freely which is greatly appreciated. Achievements and performance The Society remains committed to its objectives and aims by holding an annual show to encourage the exhibition of quality livestock and to promote agriculture, horticulture, forestry, conseNation and countryside activities in the County of Powys. Our principal aim is to bring the countryside to town at our annual show and give the wider public an opportunity to integrate with the rural community. Whilst rhe Society is not for profit, rieiessarily it is essential to retain reserves and meet current rising costs, to offer an outstanding annual show at an attractive entry price. The annual show is one of the main sources of revenue, and balancing attractive entrance and competition entry fees alongside exhibitor fees against rising running costs is challenging. This in tvm reflects on the overall annual perfomance. Fntranr.p fees taken (through the website and on the gate) this year were excellent (compared to 2023) and have helped provide a healthy surplus, bringing the Society year to a successful close. THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Financial review Pol(cy on reserves Reserves held at 30 September 2024 amounted to £229.551. The reseNes are needed to ensure that costs that need to be committed during the organisation of the charity's main activity, being the Annual County Show, can be met both for the current year. and thp. fc)Ilnwing yp.Ar. in the event of external influences forcing 13te cancellation of the show, with the consequential loss of income. Principal funding sources The society's main sources of income come from membership, trade stands, entries, sponsorship, catering rights, a President's event and licencing the show ground. However, the principal source comes from the show day gate receipts and this year the weather was with us and we took twice that received in 2024. This has clearly attributed to the overall surplus on Show Day (£28,190) and for the Society generally (£32,744). Investment policy and objertives The Company's Policy has been to invest annual surplus funds into National Savings Bonds and to apply income to pay the overheads of the Society and to fund improvements on the show ground. This is now to be extended to setting up a COIF Investment Fund using tunding currently held in a ReseNe Account, and building on this with surplus funds as they become available. At this time the Society has invested £10.000 in COIF with the_ fijnd Already increased in value and with interest being paid into the Society current account. Plans for future periods Future developments We have for another year been well led by Chaimian Mr Allan Roberts and Secretary Mr Peter James, well supported by our President Mr Frank Sutton. We have had an excellent year overall, but particularly in terms of our Show Day and the pleasing financial surplus, but still mindful that the financial viability of the society Still depends on a good event and gate entry in 2025, as well as on third party income in the guise of licencing the show ground for events and a successful President's event. We must always budget against lower expectations but remain alert to investing when we can in order to build a healthy fund from which we might gain valuable income each successive year. Structure. governance and management Nature of governing document The organisation is a charitable company limited by guarantee, incorporated on 12 July 2004 and registered as a charity on 19 January 2005. The assets of the previous unincorporated charity were donated to the company on the 31 March 2005, at which point the charity commenced activities. The company was established under a Memorandum of Association which established the objects and powers of the chaiitable company and is governed under its Articles of Association. In the everit of the company being wound up members are required to contribute an amount not exceeding £1. Advantage has been taken of Section 30 of the Companies Act 1985 exempting the company from the requirement to show limited with its name. THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were: Mr David Davie5 Mr Howell Davies Mr K. Brian Davies Mr Robert Davies Mr Charles De Winton Mr Francis Gittoes Mi" Aiidrew M(ILiliews Mrs Penelope Morgan Mrs Julia Phillips Mr Gareth Price Mrs Elizabeth Roderick Mr Richard Roderick Mr William Stephens Mr Clive Thomas Recruitment and appointment of trnstees Under the requirements of the Memorandum and Articles of Association the Officers of the Society are elected annually at the Annual General Meeting, and consist of a President, Chairman, Vice-chairman, Treasurer and not more than two Show Directors. The Members of the General Committee consist of the Officers referred to above, the immediate past Chairman and no more than 40 members of the society elected annually by ballot at the Annual General Meeting, and from whom the Society Trustees are elected. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Organisational structure The Brecknockshire Agricultural Society has a General Committee consisting of the Officers of the Society, the immediate past Chairman and no more than 40 members of the society. There is a committee for nominating the President, which consists of the Chairman and 5 members of the society elected annually at the Annual General Meeting. The sole funrtion of this Committee is to nominate a person or persons for election as President or joirlt Presidents of the Society. There is an Executive Committee consisting of the Chairman, Vice-chairman, Treasurer, the Show directors and the immediate past Chairman. The Executive Committee has the power to co-opt not more than two additional members who must be members of the General Committee. Induction and tralnlng of trustees Most Trustees are familiar with the work of the charity having participated in the events organised by the charity over a period of years. Any new trustees are familiarised with the work of the charity by the existing and continuing members of the General Committee. Relationships with related parties The Company does work closely with other local shows and organisations such as the local rugby club. We readily make the show field available for third parties and other charitable uses and assist them putting on shows and evenrs using the Company's facilities. THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Major risks and management of those risks Rlsk Management The General Committee conducted a review last year highlightirlg Health and Safety matters as a major area of r.c)nrF>rn and the General Committee appointed a Health and Safety officer who produces an annual risk assessment and an annual report on the activities on the charity's property. This extends to all activities leading up to and on Show Day. The General Committee will review this to update procedures as required. The trustees report was approved by the Board of Trustees. Mr K. Brian Davies Trustee Date- ... THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees, who are also the dirertors of The Brecknockshire Agricultural Society for the purpose of company law. are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of tho gtate of affairs of the charity and of the incoming resources and application of reSoUr￿s. including the income and expenditure. of the charitable company for that year. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently, obseNe the methods and principles in the Charities SORP; makejudgements and estimates that are reasonable and prudent state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the fir)ancial statemer)ts- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES DECLARATION ON UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 In relation to the financial statements which comprise the statement of financial activities. the balance sheet and the related notes: The trustees approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies. applying them consistently and making, on a reasonable and prudent basis, the judgments underlying them. They have been prepared on the going concern basis on the grounds that the charity will continue in operation. Tli¥ Iru5levs LuiifiriTI ili